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The IMF Safety Net and emerging markets' sovereign spreads


  • Claudia Maurini

    (Bank of Italy)


This paper assesses empirically the effectiveness of the IMF as a component of the Global Financial Safety Net by running a panel regression on a sample of emerging market countries� sovereign spreads. In particular, we check if the size of the Fund�s lending capacity and the introduction of the new precautionary facilities play a role in explaining emerging market countries� spreads, after controlling for the traditional determinants of the spreads reported in the literature. From a policy perspective, the empirical evidence presented in this paper can provide a basis for assessing the potential gains from a stronger role of the IMF and of the GFSN in general, an important issue in the current international debate. We find that what appears to matter most are the overall resources avail- able for lending by the IMF, rather than the channels through which such resources can be accessed by members.

Suggested Citation

  • Claudia Maurini, 2017. "The IMF Safety Net and emerging markets' sovereign spreads," Questioni di Economia e Finanza (Occasional Papers) 370, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:opques:qef_370_17

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    Cited by:

    1. Jenny Kilp & Vafa Anvari & Samantha Springfield & Crystal Roberts, 2018. "The Impact of the Global Financial Safety Net on Emerging Market Bond Spreads," Working Papers 8655, South African Reserve Bank.
    2. Jenny Kilp & Vafa Anvari & Samantha Springfield & Crystal Roberts, 2019. "The Impact of the Global Financial Safety Net on Emerging Market Bond Spreads," Russian Journal of Money and Finance, Bank of Russia, vol. 78(2), pages 43-66, June.

    More about this item


    International Monetary Fund; Global Financial Safety Net; sovereign spread;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements


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